Neptune Medical announced today that it completed a Series D financing round worth proceeds of $97 million.
The Burlingame, California–based company also announced the successful spinout of its Jupiter Endovascular subsidiary. Sonder Capital and Olympus Corporation of the Americas provided significant participation in the funding round. The company said other existing and new investors also joined.
“Neptune Medical is thrilled to announce the successful closure of our Series D financing and the spinout of Jupiter Endovascular. These significant milestones allow us to sharpen our focus on GI robotics while empowering Jupiter to drive innovation in endovascular treatments,” said Alex Tilson, founder and CEO of Neptune Medical. “We are grateful to our investors for their unwavering support and confidence in our vision.”
Neptune Medical said the financing strengthens its position as a gastrointestinal-focused company expanding into robotics. Its foray into the robotics space is bolstered by the recent appointment of Dr. Fred Moll, a significant figure in surgical robotics, as chair of the board. The shift also allows Jupiter Endovascular to focus on its own novel endovascular technology platform.
“The spinout of Jupiter Endovascular is a strategic move that aligns with our long-term goals,” Moll said. “With dedicated resources and leadership, Jupiter is well-positioned to revolutionize endovascular therapies. Meanwhile, Neptune will continue to push the boundaries in GI robotics, delivering transformative solutions to patients and healthcare providers. We intend for both companies to lead the way in innovating within their respective specialties.”
More on the Jupiter spinout
Alongside Neptune’s funding, Jupiter Endovascular exited stealth mode with $21 million in new financing.
The company develops a new class of endovascular technology using its Endoportal Control platform. It aims to bring the precision and control of direct surgical access to catheter-based interventions.
Jupiter earmarked its funding to support an upcoming pivotal trial for pulmonary embolism. It also plans to put money toward developing additional clinical applications of its Endoportal technology.
Following the exit of stealth mode, the company appointed Carl J. St. Bernard as CEO. He joins from Alta Biomaterials and brings more than 30 years of experience in the life sciences space.
“I am very excited to join the Jupiter Endovascular team,” said St. Bernard. “The Endoportal Control technology, which leverages Jupiter’s unique and exclusive intellectual property to create a catheter-based device that flexibly navigates through a patient’s vasculature before fixing into a stable position, is designed to give interventionalists the confidence and support they need to deliver a prescribed cardiovascular therapy. This represents a generational advance in technology with the potential to revolutionize the treatment of millions of patients worldwide.”
